VANCOUVER, British Columbia, July 24, 2020 (GLOBE NEWSWIRE) -- Voleo Trading Systems Inc. (TRAD: TSX-V, VLEOF: OTC-QB) (“Voleo”, the “Company”) announces that it has now completed the additional cost saving initiatives as set out in its press release dated May 7, 2020.
Its technology platform remains operational and a complete technical analysis of Voleo’s software ecosystem has been undertaken by Convergence Concepts (the “Convergence Technical Report”). Voleo’s repositories, access management and architecture have all been reviewed, along with security, development operations and administrative functions. The Convergence Technical Report identifies that Voleo’s intellectual property is secure and can be quickly deployed into a fresh, new environment.
Voleo user data collected over the past three years provides ample evidence of trading behavior and demonstrates the value of the platform as a transactional and/or subscription service. Among the attributes of users: nearly half were women, more than two-thirds contributed money to their accounts each month, and clubs grew from an average of six members at launch to an average of ten once they had been established for more than 6 months. As a tool for customer engagement and acquisition, the Voleo platform would be an asset to any financial institution. The team worked diligently to ensure an orderly transfer process for clients, and the US broker dealer wound down operations as of June 30, 2020. To avoid further costs associated with registration, the necessary filing has been made to terminate Voleo USA Inc’s FINRA membership. Efforts are now underway to pursue repurposing of the technology into gaming and gambling to maximize the potential of the technology without the associated regulatory burden of being a regulated securities broker dealer. In addition, new business opportunities are presently being evaluated by the Board of Directors.
The Company also announces that it has issued a total of 940,000 stock options to directors, officers and consultants, with the stock options exercisable at $0.075 for a five-year period.
For further details please refer to the Company’s press release dated May 7, 2020.
About Voleo Trading Systems Inc.
For more information on Voleo, please visit our Investor Relations website at ir.myvoleo.com.
ON BEHALF OF THE VOLEO BOARD
“Mark Morabito”
Executive Chairman
For further information regarding this press release, please contact:
Voleo Investor Relations
+1-604-681-8030
investor.relations@myvoleo.com
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this release constitute forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to future events or Voleo Trading Systems Inc’s (the “Company”) future performance, the wind-up of US operations, and the future use of its technology. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Voleo believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this release should not be unduly relied upon. These forward-looking statements speak only as of the date of this release, or as of the date specified in the documents incorporated by reference into this release, as the case may be. In particular, this release contains forward-looking statements pertaining, but not limited to: expectations as to future operations of the Company, future market trends, growth opportunities, the Company’s go to market strategy, future partnerships, global uncertainty as a result of COVID-19, new initiatives and innovations of the Company, product offerings, the expected operations and performance of the Company’s business, potential verticals for use of the Company’s product, and the timing of key development milestones.
With respect to forward-looking statements contained in this release, the Company has made assumptions regarding, among other thing: the accuracy, reliability and applicability of the Company’s business model; the timely receipt of governmental approvals, including the receipt of approval from regulators in Canada and the United States; the impact of COVID-19 on the Company’s operations; the timely commencement of operations by the Company and the success of such operations; the ability of the Company to implement its business plan as intended; the legislative and regulatory environments of the jurisdictions where the Company will carry on business or have operations; the impact of competition; and the availability of financing to execute the business plan. The Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide investors with a more complete perspective on the Company’s current and future operations and such information may not be appropriate for other purposes.
The live Voleo platform is currently limited to U.S. residents. Investors should be aware that investing through clubs requires that members of a club vote in accordance with the conditions of their respective partnership agreements, and that other factors including platform performance, execution price, order and account access times are affected by many factors, including connectivity, market volatility, the size and type of order(s), market conditions, system performance, and other factors. Investors should carefully consider the risk profile of ETFs before investing in them, and read the prospectus from the issuer before investing in an ETF. Penny stocks may trade infrequently, which means that it may be difficult to sell penny stock shares once you own them. Moreover, because it may be difficult to find quotations for certain penny stocks, they may be difficult, or even impossible, to accurately price. For these, and other reasons, penny stocks are generally considered speculative investments. Consequently, investors in penny stocks should be prepared for the possibility that they may lose their whole investment.
Readers are cautioned that the foregoing lists of factors are not exhaustive and it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results may differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. The forward-looking statements contained in this release are expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company is not under any duty and do not undertake any obligation to publicly update or revise any forward-looking statements after the date of this release or to conform such statements to actual results or to changes in the Company’s expectations and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.